Social Net Builder SocialGO Needs More Money From The City

White-label social network builder SocialGO says it is issuing new shares on London’s AIM market in order to raise £300,000 ($466.93) for an upgrade to its software.

Alex Halliday’s startup has issued 10.9 million more new ordinary penny shares, equating to 2.8 percent of the business to raise “working capital for the company as it approaches deployment of SocialGO version 2“, according to the company.

Halliday, who started SocialGO with Bright Things in 2008 at 22 years old, says SocialGO hosts “thousands” of networks with “millions” of members, including brands like Levi’s, Asda and Random House…

“The next big area of social networking growth will be inside the websites of groups, businesses and individuals, as they seek to pull together many social media services like Facebook and Twitter into their own site, on their own terms. This is now possible in 2011, with growing consumer awareness and increased openness of the big social networks.”

SocialGO basically operates in the same space as Ning, Webjam and Wasabi.